Effective Oct. 1, 2013, TBR Purchasing Policy and Procedures 4:02:10:00 were revised to reflect the following changes. 1) The total purchase amount of goods and/or services requiring a competitive bid process was increased from $5,000 to $10,000; and 2) the informal bid limit was increased from $25,000 to $50,000.
For specific information regarding these changes, please refer to the University’s Procurement Manual, which is available online. It is important to note that although the purchase amount requiring bids has been increased, the definition of equipment remains the same, which is, “any physical resource (other than land, buildings or permanent attachments thereto) that will benefit a program for more than one (1) year and will cost more than $4,999.99.” Purchasing policies require a University purchase order to be issued for the purchase of equipment. All purchases of equipment should be processed through the Purchasing Office.
The single purchase limit for procurement card purchases remains $4,999.99.
For more information, visit http://www.tntech.edu/purchasing/procurementmanual/